ST. AUGUSTINE, FLA. — A joint venture between DeBartolo Development and Impact Group has acquired Castillo Real, a upscale Ascend Collection hotel in St. Augustine. Situated on 2.2 acres at 530 A1A Beach Blvd., the 60-room hotel features La Cocina Restaurant, an outdoor pool and spa, and a fitness center with a steam room and a sauna. The joint venture purchased the property at a 51 percent discount to the outstanding loan balance. Terms of the transaction were not released.
MIAMI — Best Western International has opened Best Western Premier Miami International Airport Hotel and Suites in Miami. Located at 4100 Flager St., the property offers 114 guestrooms, a state-of-the-art fitness center, an on-site restaurant and bar, an outdoor swimming pool, a business center and a complimentary hot breakfast buffet. Additionally, the property offer more than 800 square feet of meeting and banquet space. The property is the first Best Western Premier hotel in Florida.
BRENTWOOD, TENN. — Alder Real Estate Fund has acquired the Parklane Building, a four-story, office building located at 5200 Maryland Way in Brentwood. The 110,000-square-foot property is occupied by LabCorp, American Home Patient, Sprint, Time Warner and CSX Transportation. Panattoni Development Co. sold the property for an undisclosed price. Matthew Adler of Adler Group represented the buyer; Perry Gooch and Crews Johnson III of Cassidy Turley represented the seller in the transaction.
PEARL, MISS. — Mississippi-based Pearl Lodging has acquired Comfort Inn Pearl, which is located along Interstate 20 in Pearl. The two-story, 78-room hotel features guestrooms with wireless high-speed Internet access, premium cable, refrigerators, microwaves; a seasonal outdoor swimming pool and a fitness center. The property was acquired for an undisclosed price in an all-cash transaction. Anthony Falor of Hodges Ward Elliott brokered the transaction. The seller was not disclosed.
CHARLOTTE, N.C. — The Royston Group has brokered the sale of a 50,000-square-foot, single-tenant retail property in Charlotte. Situated on 5 acres, the property was built in 1994 and renovated in 2002. Best Buy signed a 20-year absolute triple net lease on the property in 2003. Rob Sutton and Greg Cortese of The Royston Group represented the undisclosed seller and the undisclosed buyer in the $8.5 million transaction.
MONTGOMERY, ALA. — CB Richard Ellis has arranged $8.1 million in financing for Sterling Centre in Montgomery. Built in 1988 and situated on 4.9 acres in the East Montgomery submarket, the property offers 101,014 square feet of Class A office space. The building is 100 percent occupied by tenants, including USDA, Synovus and NY Life. Kevin Troy of CBRE Debt & Equity.
HILLSBOROUGH, N.C. — Greensboro, N.C.-based Brantley Properties has acquired Patriot's Pointe Apartments in Hillsborough. Located at 100 Patriot's Point Dr., the 240-unit property sold for $16 million or $66,667 per unit. Built in 2005, the property totals 284,082 square feet on 27.55 acres of land. At the time of closing, the complex was 90 percent occupied. Curteis Calhoun of Grubb & Ellis|Thomas Linderman Graham represented the undisclosed seller.
POMPANO BEACH, FLA. — Michael Feingold, owner of Wristband Specialty Products, has acquired the Barr Wholesale Building at 1650 N.W. 33rd St. in Pompano Beach. The 19,095-square-foot industrial facility sold for $1.1 million. Richard Reicher of Uniweb Commercial represented the buyer; Jeffrey Scott of Brenner Real Estate Group represented the seller, Jeff and Lisa Barack of the Barack Family Real Estate Holding Group, in the transaction.
CHARLESTON, S.C. — NAI Avant represented the undisclosed seller disposition of the second and third floors of 270 King Street in downtown Charleston. The property was formerly The Masonic Lodge and Shahid's Department Store. Thomas Boulware of NAI Avant brokered the transaction, which was valued at $1.6 million.
CAMP SPRINGS, MD. — Fantini & Gorga has arranged $53.59 million in financing for the refinancing of MetroPlace at Town Center in Camp Springs. The multifamily property offers 397 units. The proceeds include a $46.84 million first mortgage and a $6.75 million mezzanine loan. Tim O'Donnell and Mark Whelan of Fantini & Gorga originated and placed the loan for the undisclosed borrower.